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Crude Oil Hovers Below $29

Crude oil sank today, falling below the $29 level, as the United States and other major Western nations lifted sanctions against Iran, meaning that the country will be able to sell oil to the West. Iran announced that it is going to boost production by 500,000 barrels per day. This means additional supply to the already oversaturated market.

Contract for delivery of WTI crude oil in February tumbled 1.63 percent to $28.94 per barrel as of 22:32 GMT on NYMEX today. March Bent crude dropped 0.73 percent to $28.73 per barrel on ICE.
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